GMR Ltd narrows consolidated losses to Rs 136.6 crore in June quarter

By Express News Service |
Published: 14th August 2017 08:24 AM |

Last Updated: 14th August 2017 08:24 AM | A+A A- |

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HYDERABAD: GMR Limited’s consolidated loss for the quarter ended June 30 has come down to Rs 136.6 crore against Rs 235 crore during the same quarter last fiscal. According to a company statement, the gross revenue from operations for Q1 FY18 improved by 41 per cent to Rs 3,159 crore against Rs 2,239 crore for Q1 FY17.

The Delhi airport traffic increased to 15.7 million from 13.8 million (growth of 14 per cent), the Hyderabad airport traffic rose to 4.2 million from 3.5 million (growth of 19 per cent) while the traffic at Cebu airport in the Philippines went up to 2.4 million from 2.1 million (growth of 16 per cent) during the quarter, it said.

GMR Airports emerged as the successful bidder to develop, operate and manage the new international airport in Greece, according to the statement.
GMR has partnered with Greek infrastructure major Terna SA (100 per cent subsidiary of Gek Terna Group) for the project.

The concession period for the project is 35 years and GMR Airports will be designated as the airports operator in the consortium for the project, it said.
The infra major also said that it concluded financing the entire debt of Rs 1,330 crore for the development of Greenfield airport at Mopa on a door-to-door tenure of 18 years on competitive terms.

Meanwhile, buoyed by the improved coal prices and increased volume, Golden Energy Mines (a joint venture between GMR and Sinarmas Group) recorded profit of Rs 210 crore for the reported quarter, against a profit of Rs 10 crore for the corresponding quarter in the last fiscal, the company said.
GMR Infrastructure, too, has also narrowed its loss by 44 per cent to Rs 107 crore during the first quarter ended June 30, 2017. The company’s total comprehensive loss during the April-June quarter of preceding financial year had stood at Rs 190 crore.